Loans

Medical emergencies can befall anytime. In such situations, the individual does not have any time to waste. Now, it is important to be covered under insurance; however, do note that even insurance policies have certain limitations. If the insurance policy does not cover the current health complication that an individual or their family member is facing, they can always choose to apply for a medical emergency loan to arrange for the required funds.

A lot of financial institutions offer medical loans with simple application procedures so that applicants can easily arrange for the funds in case of a medical emergency. If you are hearing about medical loans for the first time, here’s what you need to know:

Benefits of taking a medical loan

1. You do not need to provide collateral

This type of a personal loan for a medical emergency is unsecured. It means that borrowers do not need to pledge any collateral to the lender while applying for this loan. This not just makes it easy for the borrower but also helps them complete the loan process sooner since they do not have to provide any documents for collateral.

2. You can arrange for the funds immediately

While facing a medical emergency, an individual would not have time to visit a bank, wait in a long queue, fill up and submit several documents, and then finally wait for the verification process to get done. With a personal loan for medical emergencies, lenders understand the borrower’s urgency, which is why the procedures of applying for this loan are simple and hassle free. You can get swift approval from a lender when it comes to a medical loan and have the loan amount disbursed quickly.

3. You can use the medical loan to cover additional expenses

Insurance policies do not cover all kinds of treatments, and this is where a medical loan can be helpful. With the loan amount, you can get financial assistance for medical procedures such as dental surgeries, chemotherapy, or any other expenses not covered by your insurance policy.

Documents required for a medical loan

There are certain documents that you will need to submit to the lender, which are as follows:

1. Proof of identity

• Driver’s license
• Passport
• PAN

2. Proof of residence

• Ration card
• Voter ID
• Passport
• Utility bills
• Driver’s license

3. Proof of income

• Salary slips
• Recently acknowledged income tax return (for self-employed borrowers)

Eligibility criteria that lenders set for medical loans

Applicants should:

• Be citizens of India
• Be in the age bracket of 21-60 years
• Have been working for at least a year
• Be earning a monthly income of at least Rs 25,000
• Have completed graduation

If you are worried about your medical bills, keep in mind that financial institutions offer medical loan that range from Rs 50,000 to Rs 25 lakh. This can help in covering the expenses you are facing, after which you can repay the loan thanks to the flexible repayment tenures that lenders offer.

Personal loans are one of the most popular financing tools that you can consider to fulfil your funding needs. Be it buying a high-end gadget or splurging on your wedding, financing your dream trip, or paying your medical bills, a personal loan comes in handy. They are unsecured loans that can be availed with simple documentation and easy processing. However, the only thing that keeps many people from availing a personal loan is its interest rate. Because personal loans are unsecured loans the interest rates on such loans may be a bit higher.

The interest rate is one of the most crucial parameters that you need to consider as a borrower while applying for a loan. The higher the interest rate, the higher will be your EMI burden and the more will be your payback. This can make your entire experience very expensive. Thankfully, there are a few pro tips that can help you get the best interest rates.

4 Pro Tips to Get the Best Interest Rates on Personal Loans

Here are four pro tips for you to get the best interest rate on the loan.

1. Adjust your loan amount or duration: This is one of the simplest ways to get the best interest rates on a personal loan. Many lenders have a compartmentalised interest system where interest is generally based upon the bracket in which the loan amount is placed. See, when a company lends you money, they consider various aspects of the deal. If you are looking to borrow a higher amount and you opt for a longer loan tenure, the loan provider will lend you the loan at an increased interest rate. This is because when you increase the time or money, the risk associated with your loan account also increases. To compensate for this risk, the provider increases its interest rate. If you think you are being charged too much interest rate, you can consider applying for a lesser loan amount or you can lessen the loan tenure. This will place you in a lower bracket which will make it possible for you to get the loan at a lower interest rate. Some companies do disclose the interest rate brackets beforehand but if your lender does not, you may have to enquire about this specifically.
2. Maintain a high credit score: A good credit profile is the single most sure-shot way to ensure that you get the best possible interest rates. When you apply for a personal loan or any other loan, the lender carries a background check with a credit bureau. There are multiple credit bureaus that keep a tab on your borrowing history. The number of times you have applied for a loan, the number of defaults, the number of open loan accounts, and such other details can be obtained from a credit bureau. Based on your credit history, the credit bureau will assign you a credit score. This is generally a three-digit score ranging between 300 to 900. A person who has always made their payments on time will have a higher credit score and is termed a responsible borrower or low-risk borrower. Thus, they are extended the best deals in terms of how much they can borrow as well as what interest rates they have to pay. So, before you apply for a loan, check your credit score and try to improve the score by repaying any pending debts.
3. Borrow from an online cash loan app: There are many lending channels in India from which you can get a personal loan. Conventional lenders hold the lion’s share in the market because of two main reasons, they are present in a lot of places, and they have been in the business for a long time. However, conventional lenders also have their own limitations. First, they are very highly regulated and thus mostly unable to innovate, and second, their operational costs are too high because of the widespread physical presence. The ray of sunshine is to borrow from an online cash loan app. This is a new age technology-enabled lending model which has many advantages over conventional lending institutions. Being app-based means they are present practically everywhere yet do not have the high operational costs of traditional lenders. Their application and loan processing are all computerised with minimal human intervention. All of this allows you to be able to borrow money at much lower interest rates. Moreover, being online also means that they are open for business all the time.
4. Negotiate and do comparison shopping: This is obviously the best and time-tested way to get the best deal on personal loan interest rates. You can check for offers on loans from various lenders and find out who is offering you the best possible deal. While in the case of conventional lenders you would have had to visit the branch or office of every lender on your own which obviously requires a lot of time and effort, an online cash loan app completely solves this problem. Simply install apps from reliable sources and check where you are getting a good deal. Many apps also allow pre-sales support in which you can chat to negotiate lower interest rates. Obviously, you will have to spend your time and effort on this, but it is a lot simpler, faster, and less exhausting than having to visit multiple physical locations and haggling in person. In addition to this, you can wait for the festive season when most financial institutions launch their promotional offers. You can get the best interest rate during this time.

To conclude

When borrowing, make sure that you have done all the necessary due diligence before you sign the dotted line. While checking for the interest rate is important, it is equally important to check other associated costs or charges with the loan. You must also check the quality of customer support and reviews from existing customers. How they resolve discrepancies is equally important. Do not conclude a deal unless you are sure about all these aspects. If you are borrowing from an online cash loan app, make sure to check that they have at least one physical branch. Always pay back the loan on time to avoid penalty charges and keep your credit score high. Finally, negotiate hard and do as much comparison shopping as you can!

In today’s times, buying a house without any kind of financial support is something that is largely unheard of. Most homebuyers can only afford a property purchase by applying for a housing loan and arranging for the required funds. Now, while there are various home loan plans offered by different financial institutions, all of these lenders have certain home loan eligibility criteria. Borrowers need to be aware of their home loan eligibility before applying for a loan in order to avoid their home loan application being rejected.

This is where borrowers can find a home loan eligibility calculator to be very useful. This calculator is an online tool that one can find on most lenders’ websites. It helps the user understand the loan amount that they can qualify for based on their home loan eligibility.

For those who are unfamiliar with this kind of calculator, read on to learn more about it in detail:

Steps to calculate one’s eligibility using a home loan eligibility calculator

It is very easy to make use of a home loan eligibility calculator. All that one needs to do is fill up certain information that the calculator requires, based on which the tool will display the loan amount that the user can qualify for. First, the calculator will check whether the user is salaried or self-employed, or self-employed non-individual. Next, the calculator will also check whether the user is already an existing customer with a specific financial institution. Once this is done, enter the monthly salary that is received in hand. Next, set the existing monthly instalments that are currently being paid. After this, mention the tenure (number of months) in which the home loan instalments would be repaid. Lastly, the calculator will also require the interest rate of the home loan. Based on the details provided, the home loan eligibility calculator will then display the loan amount that the user can apply for.

Why is it important to use this calculator?

A common reason why some borrowers struggle with clearing their home loans is because of a lack of planning. It is very important to be aware of the monthly instalments of a home loan beforehand. This is exactly what a home loan eligibility calculator can help with. With this calculator, a user can be aware of the loan amount that they are eligible for. This reduces the chances of getting their loan application rejected. If the loan amount displayed by the calculator is acceptable, the user can go ahead and apply for the loan. If the displayed loan amount is not satisfactory, they can then focus on improving their home loan eligibility first.

Along with a home loan eligibility calculator, one should also use a home loan EMI calculator. An EMI calculator will help in displaying the EMI payments of a specific home loan plan. Users can make changes in the details provided to find a suitable loan amount, tenure, and interest rate. This will help in avoiding any financial struggles that might come up in the future.

When it comes to short-term loans, hard money lenders usually offer more flexible terms than conventional commercial real estate loans. It can fund real estate investment and development opportunities that you cannot get elsewhere.

This article will explain the importance of hard money loan terms that make them favorable, including:

Fast Funding

The biggest benefit of a hard money loan is getting approved for funding quickly. Hard money lenders do not rely on credit scores or other traditional methods for determining whether or not to approve the loan.

Instead, the lender will determine if you qualify by looking at your current equity in the property you want to purchase and your asset value.

Remarkably, hard money loan terms allow them to make fast decisions regarding whether or not they will grant you a loan. Such a design makes it easier to get cash quickly.

Flexible Repayment Terms

Unlike banks, which have strict policies on what they will lend and how they lend, hard money lenders are much more flexible. If you need a bridge loan to cover some costs while you wait for a larger investment to pay off, they will consider it.

Hard money lenders can structure a loan to meet your particular needs. You can often even negotiate with the lender how long you can take to repay the loan.

Less Paperwork

Sometimes called “asset-based” lending, hard money loans put less emphasis on your financial situation and background compared to conventional financing options.

In the nutshell, it means that there is less paperwork involved. The design makes it an attractive option if you do not have time to deal with a mountain of documentation.

Perfect for Investors

Hard money loans are perfect for real estate investors looking to quickly acquire properties that they can flip or rent out to refinance once they improve the property.

In many cases, an investor may need some additional capital to finish up a project before they can refinance with a traditional financial institution.

No Prepayment Penalties

Hard Money Loans are short-term loans (usually from 6 months to 3 years), and there are no prepayment penalties. If you want to pay off your loan early, there is no penalty.

Your company will not need to pay any additional fees or costs because you paid off your loan early. It helps you save money by paying interest only on the amount you borrow and not on the full amount of the loan.

High Approval Rates

One of the best things about hard money lending is how straightforward the qualifications are. Unlike traditional banks, hard money lenders do not base their decisions on traditional factors like credit scores or debt-to-income ratios. Instead, they focus on the asset’s value.

In Summary

Hard Money Loans are an excellent choice for certain projects that may not qualify for a regular loan. They are available at a considerably lower interest rate, making them viable.

The benefits of hard money loans are innumerable. If you want to know why hard money applications are becoming popular, please read this article to learn about these top benefits.

Slick Cash is a direct lender with a system of direct lenders that allows it to provide instant payday loans. You need to apply online and let the search system find the best loan providers in your area. Then, you can wait for your approved loan amount to be deposited into your account within a few hours. Whether you have poor credit or no credit, Slick Cash has a loan provider to suit your needs.

Slick Cash Loan is a direct lender.

Bad credit history can make it challenging to qualify for a large bank or lender loan, but Slick Cash is different. Slick Cash can approve your loan quickly and immediately give you the funds you need. Because Slick Cash is an online lender, you can apply from any location, and the application process is easy and convenient. A direct lender with Slick Cash will show you your exact payment schedule before accepting the loan.

Slick Cash Loan App works through a network of direct lenders to ensure you get the money you need as soon as possible. You can apply for a loan from any device, and the lender will find the best loans for you based on your information. Once approved, you will receive the money you need on the same day. There are no credit checks, so you can rest assured that you will quickly receive the capital you need.

It doesn’t require a credit check.

You don’t have to have bad credit to get an instant payday loan, and they are fast and straightforward to apply online. You can approach a lender directly, but Slick Cash Loan App is the place to go if you need a loan online. It is free to apply for these loans online, and the application process is the same for both. Once approved, you will receive your money the next business day.

Instant payday loans are available from Slick Cash, an online lender. To get approved, complete a simple application form. You will be asked for basic information such as your current employment and personal information. You can have the funds deposited directly into your bank account in a few minutes. Unlike other lenders, you won’t need to worry about a credit check, and it will be approved quickly.

Applicants must be at least 18 years of age, a resident of the United States, and have a checking account. You must have a job, a bank account, and a steady source of income. Slick Cash’s instant guaranteed approval loan is easy to apply for and will give you the money you need, and you can put the money to work in your bank account.

It offers instant payday loans with bad credit.

Slick Cash Loan is a hassle-free way to get money for immediate needs. Unlike many other loan providers, they don’t check credit, and they can provide you with up to $ 5,000 in loans, while most others can only offer a certain amount. Besides, their process is designed to be fast to have the money in your bank account on the same day.

If you have bad credit but a steady income, you can get a Slick Cash Loan. It’s a simple online application process, and they work quickly and can provide you with your money within 24 hours. Moreover, if you have a low credit score, they offer low-interest loans on your second application. Whether you have bad credit or no credit history, these loans can help you solve your emergency needs.

No-credit-check loans are the best option for people with poor credit, and they offer fast funds, which allows them to stay on top of their lives. Besides, they are the best option for people with bad credit and those who need funds urgently. You can also opt for no credit check installment loans, and they offer a safer option than payday loans and short-term loans. If you have a low credit score, you don’t need to worry – there are several no-fee loans available online.

Conclusion

Slick Cash Loan also offers a bad credit instant loan. Its site features information about the lender, and you’ll have the money in your bank account the next business day. Bad credit loans are an excellent solution to temporary cash problems, and the site is secure and safe to use. And the service works round the clock. The company’s representatives are available to help you get the money you need.

Applying for a home loan is one of the most common ways of getting financial support to buy a house. There are many lenders offering home loans, but many people have second thoughts given their high interest rates. However, you should know that it is not always necessary to take a loan plan that has a high interest rate. It is possible to bring down the home loan interest rate that a lender is offering through many ways.

4 effective ways in which the interest rate of a home loan can be brought down:

• Make a higher down payment for the property

A home loan does not cover 100% of the property price. You would have to cover about 20% to 30% of the principal loan amount, which is called the down payment. Now, many borrowers try to pay the minimum down payment so that their loan could cover the maximum expenses. However, it is advisable to pay a higher down payment, as this would mean borrowing a smaller loan amount. Repaying a smaller amount would not only be easier but also faster and would save interest on a limited tenure.

• Consider different loan plans

Not all loan plans will have the same interest rates. This is why it is so important to consider numerous plans before settling for one. This way you can analyse different plans and understand which one is most suitable. Always use a home loan EMI calculator to know about the monthly instalments of the loan. Even a slight difference in the interest rate can make a significant difference in the overall cost of the loan. Also, do keep in mind to focus on other aspects that increase the total cost of the loan such as the processing fees.

• Keep a good credit record

It is very important to have a good CIBIL record. This is not just for a home loan, but for any loan. Your credit score is always going to be an important factor in the lender’s evaluation process. Not just this, maintaining a good credit record can get lenders to offer a lower housing loan interest rate. This is because applicants with a good record (above 750) are a safer bet for lenders to rely on for timely repayments.

• Clear the loan in a short tenure

This might come across as surprising considering most borrowers prefer going for a long tenure as this makes the EMI payments easier. However, repaying the loan in a long tenure means that the interest is adding up with each instalment. Therefore, repaying the home loan in a short tenure and cutting down the number of monthly instalments will help in cutting down on the home loan rate.

Also, you can avail tax benefits of up to Rs 2 lakh on the interest paid under Section 24(b) of the Income Tax Act of 1961. So, keep these tips in mind to save money on the housing loan interest.

Are you buying a home? A home loan is the best way to purchase a house without spending all your savings and when you do not have enough money to make the complete payment. Banks have made the process of applying for a home loan pretty simple. Plus, the repayment plans are very flexible.

Here’s a look at 5 factors you need to keep in mind when applying for a home loan.

1. Down Payment

Down payment is the amount you pay in advance. The bank pays part of the home’s value, and you have to pay the remaining amount. Banks can pay up to 90% of the value of your house, which means you only need the remaining 10%.

The down payment requirements can vary depending on your:

• Eligibility
• Credit score
• Property’s cost
• Income

You can also volunteer to pay a higher down payment to reduce the interest rates on the home loan.

2. Interest Rate

Banks charge interest on loans, which is repaid with monthly instalments. The interest rates on home loans can be:

• Fixed: The interest rate remains fixed for the term of the loan
• Floating: The rate fluctuates as the market conditions change

A fixed-rate home loan is a good option if you want the amount payable to remain the same throughout the term of the loan. The floating interest, on the other hand, is for those who want to save money on the loan in the long run. It is typically 1-2% lower than the fixed interest rate. Compare the home loan interest rates of different banks online before making a choice.

3. Tenure

Tenure is the term of the loan. A long tenure means you get plenty of time to repay your home loan. It also eases your instalment burden, as you have to pay smaller instalments every month. The tenure may be as high as 30 years, which gives you enough time to repay at your convenience.

4. Additional Charges

In addition to the interest, there could be some other charges on a home purchase. Check out these additional charges in advance to get a clear idea of how much money you need when applying for a loan.

These expenses may include:

• Processing fees: It’s paid after your home loan request is approved. The processing fee is mostly 1% of the total loan amount.
• Late Payment penalties: There is no penalty on early payments, but delayed payments can cost you a fee. So, check the late payment penalty conditions with the bank.
• Foreclosure: This is an amount paid if you pay off the loan before the term ends. This penalty is typically not applicable in floating interest rate home loans.

5. Tax Benefits

Tax rebates or benefits are available on home loans, especially for first-time homebuyers. Your taxable income can be reduced by up to Rs.1.5 lakhs on the interest you pay. These benefits are only for those who purchase a property priced at Rs.45 lakh or below.

A home purchase is a long-term decision. Consider the above factors before comparing home loans and choose one with the best interest rate and flexible down payment requirements.

You must often stumble across the term mutual funds. Do you wonder what is a mutual fund? Well, look no more. This articles aims to cover the basics about mutual funds such as what is a mutual fund, types of mutual funds, benefits of investing in mutual funds, and how to invest in mutual funds.

What is a mutual fund?

Mutual funds are investment vehicles that consists of a portfolio of several asset classes such as bonds, stocks, real estate, money market instruments, cash and cash equivalents, etc. The fund manager pools the money of several investors and invests in these securities.

Types of mutual funds

Based on asset class, mutual funds are divided into three types:

1. Equity mutual funds – Also known as growth funds, equity funds invest more than 60% of their total assets in equity shares of companies as per SEBI’s (Securities and Exchange Board of India) categorization
2. Debt mutual funds – Also known as bond funds or fixed-income funds, debt funds invest the majority of their portfolio in fixed-income securities such as corporate debt securities, government securities (g-secs), corporate bonds, money market instruments, government bonds, etc.
3. Hybrid mutual funds or balanced funds – Hybrid funds invest in more than one type of asset classes, usually debt and equities.

Based on structure, mutual funds are divided into the following types:

1. Open-ended mutual funds – Open-ended mutual funds are a type of mutual funds that can issue unlimited shares. Thus, an investor can purchase ‘n’ of shares on any working day at the prevailing NAV (net asset value) of the scheme.
2. Close ended mutual funds – Under close-ended funds, units of a mutual funds are bought during the NFO (New Fund Offer) at NAV of the mutual fund. Post this, no investor can subscribe or sell their mutual fund units.

Benefits of investing in mutual funds

Following are some of the advantages of investing in mutual funds:

1. Mutual funds help to diversify an investor’s investment portfolio.
2. Mutual funds help to lower the tax outgo with the help of tax saving mutual funds or ELSS mutual funds that are eligible for a tax deduction of up to Rs 1.5 lac per annum.
3. Ideal for investors who do not have the much-needed time and resources to study and understand the markets, mutual funds provide professional management to investors.
4. Mutual funds are very transparent in nature as they are heavily regulated by the Securities and Exchange Board of India (SEBI).
5. Mutual funds allow investors to invest small, insignificant amounts at regular intervals with the process of SIP investment. SIP or Systematic Investment Plan, thus, inculcates financial discipline among investors.

How to invest in mutual funds?

An investor has the option to invest in mutual funds either through the traditional offline way of investing or they can invest in mutual funds online from the comfort of your home. Thanks to advanced technology, investing in mutual funds will not take a huge amount of your time or efforts. You just need to submit certain documents such as PAN (permanent account number) details, bank details, etc. Next, you need to complete the KYC (know your customer) formalities, and submit a copy of cancelled cheque.

If you wish to calculate returns on mutual funds, you can use an investment tool known as mutual fund calculator. A mutual fund return calculator offers investors with an approximate future value of their mutual fund investments. Use this tool to your disposal and plan your investments carefully. Happy investing!

Various factors determine your home loan interest rates, like, your income, age, qualification, property value, etc. Among all of them, your credit score is a crucial factor that has a larger impact. Your credit score determines the approval of your loan application and also interest rates. Therefore, you must know what a credit score is and why you should try to maintain a healthy credit score. Here is a brief guide on credit score and its impact on your home loan interest rates.

What Is a Credit Score?

A credit score or CIBIL score is a three numerical figure that represents your creditworthiness and repayment capacity. In India, the credit score is measured on a scale of 300 to 900, where 300 is the lowest and 900 is the highest. Lenders check your credit score whenever you apply for loans or credit cards. In India, the ideal credit score for a home loan is considered to be 700 and above.

How Is Credit Score Determined?

Credit bureaus take into account various factors while determining your credit score. They collect information about your financial history, debt and current obligation for the score. They keep a month- to month record of your EMI payments and credit card bills. They also consider your credit utilisation ratio, that is, the usage of your credit card. They also consider the number of debts you have and the number of times you apply for loans.

Why Does Credit Score Matter for Lenders?

Lenders take a huge risk when they lend you lakhs of money as a home loan. However, a healthy credit score is an assurance for the lender that you are capable of repaying the loan timely. A low credit score could indicate that your debt management is weak, and you could default in making payments. Therefore, lenders prefer an applicant with a high credit score to ensure that they will be paid back.

Does Credit Score Impact Your Home Loan Interest Rates?

With your credit score, the lenders judge if you will be able to repay the loan. Therefore, yes, a credit score is a crucial determinant of your home loan interest rates. If you have a score below 600, lenders can outrightly reject your loan application. It is because they have doubts about your repayment capacity.

The higher your credit score, the higher is your credibility and creditworthiness. Therefore, a low credit score can increase your interest rate. Whereas, if you have an exceptional credit score, you can expect to get an offer of low-interest rates from the lender. Many lenders also offer to waive the home loan fees and quicken the loan process for applicants with a high credit score.

A credit score is an important determinant of your home loan approval and interest rates. Therefore, before you avail a housing loan, you must check your credit score and proceed when you have a score of at least 700. If not, it is suggested to take steps to improve it before you apply for a home loan.